Cryptocurrencies haven’t exactly made a splash in the headlines quite like they did in previous years. There’s been much less mainstream news covering the soaring prices or the “inevitability” of the bubble bursting, but that’s not necessarily a bad thing. Many people jumped into the scene to make the most of volatile prices, which has mostly continued, and all while the market leader, Bitcoin, has held a relatively strong average since March.
At the time of writing, Bitcoin was up over 120 percent over the past year, Ether – despite taking a significant tumble in August, was still up by over 55 percent, and even the meme-driven Dogecoin was boosted by 93 percent on the past year. Still, what’s been the story of crypto through 2024 so far, and what’s in store for the future of innovative form of digital payments?
Improvements on 2023, but Major Coin Slips
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If there’s one major takeaway from 2024 in cryptocurrency, even though mainstream headlines didn’t often weigh in, it’s rarely boring from an investment front. Volatility very much remained the rub in the world of crypto. One of the biggest events of Q2 was the long-awaited Bitcoin halving. In March, the Bitcoin price reached a new high by eclipsing $73,000, but then it halved, dropping it by 15 percent over ten days in April.
Usually, a halving event for Bitcoin results in an upward trend, as you can find detailed in this report, so, the expectation would have been for the price to pick up again. Yet, the impact of the increasing outflow of spot Bitcoin ETFs – an investment product that allows investors to benefit from crypto price fluctuations without buying and owning coins – was cited as one of the reasons behind Bitcoin slowing down.
The second quarter also saw Ether take quite a hit around the Bitcoin halving, sinking from just over $3,500 to nearly $3,000. It later dipped to below the $3,000-mark. In Q3, Ether continued to see drops despite the launch of spot Ether ETFs, which you can read more about right here. What’s remained true throughout the year so far is that geopolitical and economic events remain pivotal to the crypto market that’s now got a market capitalization of some $2.3 trillion.
Gazing into the Future of Cryptocurrencies
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The future of cryptocurrencies looks to be as volatile as the prices themselves, especially as so much hinges on geopolitical decisions and usage. Right now, crypto can be interacted with in many different ways, including as it was intended – as a payment method. Easily the most open industry to crypto as a form of money has been iGaming. You can learn more by visiting this page, but there are many highly-regarded casinos that now take all kinds of crypto, from Bitcoin to Cardano. Elsewhere, individual companies – rather than whole industries – are getting on board.
Among the biggest players both past and present to accept at least Bitcoin have been Microsoft, ExpressVPN, Etsy, Expedia, Tesla, and even KFC. An increase in adoption in one of the world’s largest consumer markets, the US, may hinge on the upcoming election. It’s reported that millions of dollars are being spent on political donations to swing the government in favor of crypto, but the country is unlikely to follow the example being set by El Salvador – where Bitcoin’s now legal tender.
It’s been a bit of a turbulent year for some cryptocurrencies despite, overall, doing better than last year. The future of the market will hinge heavily on world events to come, but for now, prices remain fairly high.
